Send a Tweet
Most Popular Choices
Share on Facebook Share on Twitter Printer Friendly Page More Sharing
OpEdNews Op Eds

Wasteful Abuse of the Taxpayer Bailout Funds

By       Message Michael Chavers       (Page 1 of 2 pages)     Permalink    (# of views)   No comments

Related Topic(s): ; ; , Add Tags
Add to My Group(s)

View Ratings | Rate It

opednews.com

Author 7762
Become a Fan
  (2 fans)
- Advertisement -

Where is the outrage?  Have we been lulled into a trance by the victory of Barack Obama for president? 

Something must be done immediately. I urge all citizens to begin calling and writing their representatives and demand accountability and transparency to this massive public bailout of the private sector.   

I am writing my Congressman, Senators, and that fellow that still occupies the White House “not my President Bush.”  Please feel free to copy this letter or alter it to use any way you want to contact your representatives. 

You can get the email info here:

http://www.house.gov/ 

- Advertisement -

http://www.senate.gov/

http://www.whitehouse.gov/email/ 

Letter to my representatives" 

- Advertisement -

Senator

As a taxpayer, I am deeply concerned to learn of the wasteful spending occurring with the taxpayers Wall Street bailout money with all of the recent examples of abuse of this money in the news with Lehman Brothers, AIG, Morgan Stanley and others.  I find it unconscionable that we continue to give them any other funding without sufficient guarantees for the taxpayer of how this money is to be used.

 

It didn’t have to be this way.  Five days before Treasury Secretary Paulson struck his deal with the banks, British Prime Minister Gordon Brown negotiated a bailout for Britain’s Banks only he extracted meaningful guarantees for the taxpayers such as, voting rights at the banks, seats on their boards, 12 percent in annual dividend payments to the government, a suspension of dividend payments to shareholders, restrictions on executive bonuses, and a legal requirement that the banks lend money to homeowners and small businesses.

In sharp contrast, this is what we the U.S. taxpayers received with Paulson’s plan: no controlling interest, no voting rights, no seats on the bank boards and just five percent in dividend payouts to the government, while shareholders continue to collect billions in dividends every quarter. What's more, golden parachutes and bonuses already promised by the banks will still be paid out to executives - all before taxpayers are paid back.

- Advertisement -

As a voting middle class citizen I am struggling with high prices, mortgage, insurance payments and credit card bills.  All the while these corporate executives who caused this mess to begin with are receiving posh bonuses and salaries while the government receives no guarantees on how this bailout money is to be used.  

All that is happening is a form of socialism of transferring losses from the banks and insurance industries to the public.  I for one do not wish to be an involuntary equity investor without being granted fair treatment as an investor.  

Next Page  1  |  2

 

- Advertisement -

View Ratings | Rate It

opednews.com

I am a Musician, political Junkie, Father, Husband, who cares very much about the United States of America and what is being done to the Ideals and citizens of this great Nation. I want to restore the Constitution and the Bill of Rights to what (more...)
 

Michael Chavers Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The most recent FISA bill

Does America have long to remain a democracy?

Who's to Blame For The Wall Street Crisis? We All Are.

How to become Governor of Florida throw the presidency to Buba and enrich your friends and family

The State of the Union 2011

Screw you Mr. Potter... And BoA Too!